Stockholm-based open banking startup Open Payments has landed a €3 million in a funding round led by Sweden's venture capital fund Industrifonden, with Sony Financial Ventures, Global Brain’s venture capital fund, and existing investors participating.
Having raised €1.2 million back in May of 2019 and promising to expand across the Nordics and push further afield in Europe, that latter’s day has come.
Open Payments has developed a platform that allows third-party developers to access various bank APIs in the Nordic markets in accordance with the EU's Revised Directive on Payment Services, also known as PSD2. The startup claims to have one of the most advanced solutions in the industry.
“We see an increasing demand from leading accounting and ERP systems and other financial systems that want to utilize Open Banking in their products in a secure and reliable way,” says Open Payments founder and CEO Louise Brandt. “Above all, they want to be able to provide various payments for their business customers, such as supplier payments and salary payouts.
Open Payments has a cutting-edge expertise in this area and there are vast business opportunities for both us and our customers. We see that b2b payments are part of the Open Banking space where we have a first mover advantage and can take the lead internationally.”
If you’re thinking perhaps as I did where Sony and Global Brain fit into the “across Europe” picture, Junji Nakamura, Director at Sny Financial Ventures explains, “In Japan, Open Banking is in the early stages and we are inspired by how far Open Banking has come in Europe and the Nordics. We are impressed by Open Payment's technology and how the company has enabled Open Banking for businesses. We made a strategic decision to invest in Open Payments to allow more markets to embrace the benefits of Open Banking faster.”